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Zhejiang Hailiang to Raise Copper Foil Subsidiary Stake to 67.29%

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Zhejiang Hailiang (SHE:002203) plans to acquire a 18.6916% stake in its controlling subsidiary Gansu Hailiang New Energy Materials for 971.6 million yuan, according to a Thursday filing with the Shenzhen bourse.

The move will raise the company's stake to 67.29% from 48.60%, with the acquisition involving shares from controlling shareholder Hailiang Group and investment funds Shenzhen Capital New Materials Fund and Gongrong Jintou.

Shares of the copper products manufacturer were down nearly 2% in recent trade.

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